Ripple’s native crypto, XRP has managed to keep up with the increased selling pressure in the digital asset market. The price increase of XRP depended on the positive results of the long-running Ripple lawsuit. However, data suggests that Whales were busy with XRP accumulation, while the largest of the digital assets experienced turbulence.
Fundamental XRP Analysis: Whales on Accumulation
According to a report, the supply of XRP whale addresses has skyrocketed from 16.7% to 18.3% in the past 5 weeks. This directly indicates that whales benefited purely from the recent market sentiment that caused the collapse of the FTX.
Data shows that the XRP network recorded a major spike in the second week of November. This has been recorded as one of the biggest price pumps relative to the rest of the crypto markets. However, this is also the biggest jump in XRP price recorded in late September and early October.
However, the moment the XRP price fell, Crypto whales with 100,000 to 10 million XRP tokens started accumulating. The report states that this jump was in a hurry. Data suggests that this XRP price hike may come again soon as the whales continue to add more XRP to their addresses.
XRP price is up more than 2% in the last 24 hours. It is trading at an average price of $0.38 at the time of writing.
Is Ripple Lawsuit Riding XRP Price High?
The long-running XRP vs SEC lawsuit will soon witness the summary judgment. As the litigation nears its conclusion, various speculations from experts and investors enter the market. However, it expected Ripple to have an edge over the US SEC.
XRP Holders’ attorney John Deaton has suggested that the XRP lawsuit has become more important than ever to the SEC after the commission failed to identify the SBF-led fraud.
However, the U.S. court granted the motion requested by both sides. Ripple, SEC has asked the court to set a January 4, 2023 deadline by which non-parties to the XRP lawsuit must request that all parts of the summary proceedings be sealed.
Ashish believes in decentralization and has a keen interest in the development of Blockchain technology, the cryptocurrency ecosystem and NFTs. He aims to create awareness around the growing crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching a thriller or exercising outside. Reach me [email protected]
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This post XRP price could skyrocket in coming weeks? On-Chain Report
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